Gold off record highs as dollar strengthens

Gold bars

Gold prices dropped on Friday from their all-time highs as the US dollar strengthened, though they remain on track for a third consecutive weekly gain.

April gold futures edged down 0.13%, or $4, to $3,039.8 per ounce as of 10:34 am KSA time. Meanwhile, spot gold fell 0.42%, or $12.72, to $3,032.18 per ounce. Silver futures for May delivery declined 0.75% to $33.74 per ounce, while spot platinum declined 0.17% to $987.77 per ounce.

The US dollar index—which measures the currency’s performance against a basket of six major peers—gained 0.16% to 104.02 points.

Gold prices surged nearly 16% so far this year, as investors seek safe-haven assets amid concerns over the impact of the trade war on economic growth, along with geopolitical tensions in the Middle East and Ukraine.